Top Money Mistakes Women Make

By Delilah De La Rosa

When it comes to money, why are women always underdogs? We’ve all heard the stats—that women make 76 cents for every dollar a man makes and that 41% of elderly women are living close to the poverty line.* They clearly show inequality, but does inequality always mean unfair? Are we being forced to play underdogs (or victims) or are we doing it to ourselves?

Not being a fan of victimhood, I thought I’d take a look into what we do, or don’t do, that leaves us on the sidelines of wealth. Here are the top money mistakes women tend to make—see if you’re guilty of any.

Money Mistake # 1: Not having “f@#k you” money.I hate my job, but I just can’t afford to quit right now. It’s ridiculous how much we say and hear this. Instead of throwing a pity party, “Always have ‘FU’ money,” says Dr. Lois Frankel, author of Nice Girls Don't Get Rich . “How can you leave an awful job, an abusive marriage or some other bad situation if you have no money?” Save that emergency cash cushion and aim for three to six months of living expenses in the bank. You’ll also protect yourself and the financial world you’ve built so that no situation takes it all away from you, adds money coach and author of Make Money, Not Excuses Jean Chatzky. “There are not too many sure things in life, but saving is a sure thing and protecting yourself is a sure thing.”

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Displaying comments 1 to 4 out of 4

Carolanne -- Los Angeles

Great article! It's often not taking action when it comes to our money that leads us to feel trapped. We don't set aside money or we have the false sense of security that someone else will provide for us in the long run.

sheila-takeabow

I'm really bad in saving money, so this article help me out in sorting my financial troubles. I'm working on growing my "F@ck YOU" fund.. haha. I love that term.

axcar

You are on the money! The more we save at an earlier age the easier life will be. Unfortunately, most of us don't save as much as we should when were young and then after kids it's nearly impossible. Start saving girls!

fiona

It's hard to save money these days, with loans, credit card debts and all. Yet it's so important to save at least a little bit every month (a little goes a long way, as the trite saying goes.) I had to buy a new car when my good-condition car suddenly broke down recently. You just never know what's going to happen.